Refractories Market to Worth USD 44.82 Billion by 2029

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Pune, India, July 07, 2023 (GLOBE NEWSWIRE) — According to Fortune Business Insights™, the global refractories market size has reached USD 32.25 billion in 2021 and is predicted to increase from USD 33.01 billion in 2022 to USD 44.82 billion by 2029, with a CAGR of 4.5% during the period of 2022-2029. This growth can be attributed to the rising demand in major industrial sectors such as iron, steel, other metals, glass, cement, paper & pulp, and petrochemicals.

The development of refractories using various material combinations has gained momentum in recent years. The customization of refractories to meet global demand is expected to further fuel market growth, as per Fortune Business Insights’ research report t titled “Refractories Market Size, Share, Growth and Report Forecast 2023-2029.”

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Report Scope & Segmentation:

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Segmentation:

According to form, the market is bifurcated into monolithic & unshaped and bricks & shaped.

By product, the market share is broken down into clay and non-clay.

Based on alkalinity, the market is bifurcated into basic and acidic & neutral.

In terms of end-use industry, the market is split into iron & steel, cement, glass, non-ferrous metals, and others.

Geographically, the market share is segmented into North America, Latin America, Europe, the Middle East & Africa, and Asia Pacific.

List of Key Players Profiled in the Refractories Industry Report:

Competitive Landscape:

Major Market Players Adopt New Strategies to Accelerate Growth & Expansion

The global refractories market is characterized by the presence of various international and local emerging players, resulting in a fragmented market share. To achieve their growth and expansion goals, several players are employing new strategies such as collaborations, new product launches, acquisitions, mergers, and investing in research and development. Additionally, many companies are increasing their production capacities to meet the growing demand of the global market.

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Drivers:

The growth of end-use industries such as steel, cement, and non-ferrous metals is a major driver for the refractories market. These industries use refractory materials in the construction of high-temperature processing equipment such as furnaces, kilns, and reactors. The increasing trend toward customization of refractories to meet specific application requirements is driving the growth of the market.

Technological advancements, such as the development of new materials that offer better performance, durability, and cost-effectiveness, are also driving the growth of the market. The growth in construction and infrastructure projects, particularly in emerging economies, is driving the demand for cement, which in turn drives the demand for refractories.

Restraints:

The high cost of raw materials used in the manufacture of refractories is a major restraint for the market. The stringent regulations regarding the use of refractories in high-temperature processing equipment, particularly in developed economies, is also a restraint for the market. The limited availability of skilled labor for the manufacture and installation of refractories is another challenge for the market. The volatility in prices of refractory materials due to the fluctuations in supply and demand is also a restraint for the market.

Report Coverage:

The report offers:

Regional Insights:

Asia-Pacific is the largest market for refractories, driven by the growth of end-use industries such as steel, cement, and glass, particularly in emerging economies such as China and India. The increasing demand for infrastructure and construction projects in the region is also driving the growth of the market. The World Steel Association reports that the region constitutes more than 70% of the world’s steel production, with China alone accounting for nearly 50%.

North America and Europe are mature markets for refractories, with steady growth driven by the replacement of existing infrastructure and the development of new technologies. The growth in the automotive and aerospace industries is also driving the demand for refractories in these regions.

Latin America and the Middle East and Africa are emerging markets for refractories, with increasing demand driven by the growth of the construction and infrastructure industries, particularly in countries such as Brazil, South Africa, and the United Arab Emirates.

Overall, the refractories market is expected to grow in all regions, with Asia-Pacific expected to remain the largest market due to the growth of end-use industries and infrastructure development. The increasing trend toward customization of refractories to meet specific application requirements is also expected to drive the growth of the market in all regions.

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Detailed Table of Content:

TOC Continued…!

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https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/refractories-market-103287 Read Related Insights:

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